Principles of Marketing for Business - Essay Example

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Principles of Marketing for Business

One such theory is the Maslow’s hierarchy of needs proposed by Abraham Maslow. Their motivational theory is largely based on a hierarchy of needs. These hierarchical levels can be defined into lower to higher levels as shown in the figure below: Figure 1: Maslow’s Hierarchy of Needs (Source: Phinney & Halstead, 2003, p.15) Marketers can use this theory in conducting market research about consumer behaviour of a target market audience. It is a well known fact that a successful product is largely one that can satisfy the needs and wants of the customers. Hence marketers spend considerable time and resources towards trying to figure out the demands of the customers. The model of hierarchy shows that only when the needs in the lower part of the pyramid are fulfilled the individuals are motivated to fulfil the next level. Marketers can therefore use this model to predict the needs and wants and also use surveys to find out the level of the needs that are being satisfied by the present product offering. Adequate motivation can be provided in the form of innovative advertising strategies so as to motivate individuals to move to the next level of hierarchy. An example in this regard is the computers. ...Show more

Summary

Principles of Marketing for Business Table of Contents Principles of Marketing for Business 1 Table of Contents 2 Part 1 3 Question 1 3 Question 2 4 Part 2 5 The environment 5 Pricing 6 Questionnaire Design 6 The Product 7 References 8 Part 1 Question 1 Explain one motivation theory and show how an understanding of it could be of use to a marketer…
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